A recent survey by Marsh has highlighted a lack of awareness about EU legislation on the part of companies operating in central and Eastern Europe.
The broker surveyed 1,200 companies, 80% of whom admitted their knowledge of EU law to be at a low or medium level.
However, 85% of respondents agreed that EU legislation was important to their survival in the enlarged Union.
The companies surveyed operated in states that either became members of the EU in 2004 or are preparing to join.
Neil Irwin, business development leader for Europe at Marsh, commented: “Although current EU company law has now been enacted in the new member states, the final date for full implementation varies by up to three years across the region. While the lack of awareness is alarming, when you add in the fact that much of this legislation introduces practices and policies that are wholly new in many of the cultures, the different speeds of adoption, together with the influence of local legislation, the result is a recipe for confusion.”
Marsh's survey also highlights many discrepancies between the implementation of EU legislation across accession states.
